RELATED COMPANIES ENTERS INTO JOINT VENTURE ON 111 WEST WACKER DRIVE, FIRM TO REDEVELOP PROPERTY AS LUXURY RENTAL BUILDING
Related Companies today announced that it has entered into a joint venture agreement with Clark Wacker LLC on a development site at 111 West Wacker Drive in Chicago, Illinois. Related plans to redevelop the property as an approximately 500-unit luxury rental complex that will include on-site parking. Clark Wacker LLC will retain a participation in the deal structure. The joint venture formation is part of Related’s fund management platform which seeks to unlock value by utilizing the firm’s vast real estate expertise.
Curt Bailey, President of Related Midwest said, “111 West Wacker Drive is a tremendous development opportunity and a perfect fit for Related, drawing on our decades of experience building some of the nation’s finest rental and condominium complexes. Chicago’s rental market is strong and demonstrating healthy rent growth. 111 West Wacker Drive offers an ideal location for best-in-class rental product.”
Sean McMahon from Clark Wacker LLC said, “We are thrilled to partner with Related Companies and create a statement rental development. We have always believed in the great potential of this site and the formation of this joint venture with such a prestigious estate organization with a track-record of successful residential developments will only further ensure the project’s success.”
Justin Metz, Managing Principal of Related Companies said, “111 West Wacker Drive is a perfect fit for our expertise in, and focus on, execution projects. We look forward to developing a marquee building for this important location, bringing new resources to the development and maximizing value for our partners and investors."
111 West Wacker Drive is located on the Chicago River at a signature crossroads that bridges the north end of the Loop business and financial district and is directly across from the vibrant river north cultural and lifestyle district. Construction is projected to begin in the first quarter of 2012.
About Related Companies:
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 39 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales.
Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida and boasts a team of approximately 2,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. In 2006 Related acquired Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering.
Related's fund management platform currently manages capital on behalf of public pension plans, sovereign wealth funds, endowments, Taft Hartley plans and family offices across three areas: distressed real estate opportunities, origination and acquisition of construction loans, and multi-family housing opportunities. For more information about Related Companies please visit www.related.com .